Protection and peace of mind
Here’s a question for you — if your vehicle is totaled, will your insurance pay off your loan in its entirety? Guaranteed Asset Protection (GAP) coverage protects the deficient balance of your car loan if an accident occurs and your vehicle is a total loss. GAP is designed to pay the remaining balance (within the LTV % guidelines) of your loan and insurance deductible if your insurance carrier won’t cover the total cost. This keeps you protected from financial instability and gives you the peace of mind you need to drive safely.
- IFCU offers one the lowest GAP costs in the area.
- Protects against financial loss in the event of unrecovered theft of the vehicle or if the vehicle is declared a total loss.
- There are no model or year limitations.
- Protection up to $100,000 – limited exclusions apply.
- Debt may be protected up to $50,000.
- Deductibles may be covered up to $1,000.
- Coverage is available for the term specified in the agreement, up to 84 months.
GAP is available to any IFCU member who is purchasing a vehicle or in the process of refinancing from another financial institution. This coverage terminates at the maturity date of the loan, or can be cancelled within a certain time period.
Please consult with an IFCU representative to learn more about the specific terms and conditions involved with GAP.